Public RelationsNTPC to file DRHP with Sebi for FPO
State-run NTPC today said it will file the draft prospectus for its follow-on public offer with market regulator Sebi in December, a senior company official said.
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"We will have to file the Draft Red Herring Prospectus (DRHP) with Sebi next month...We plan to hit the market by February," CMD NTPC R S Sharma told reporters on the sidelines of a power event.
The Cabinet Committee on Economic Affairs had last month given approval for sale of five per cent government stake in the navratna PSU.
After the 5 per cent stake dilution, the government"s holding in NTPC would come down to 84.5 per cent from the current 89.5 per cent.
The government expects to mop up about Rs 8,100 crore from the market through this FPO, at the current market conditions.
The proceeds from the FPO would go to the investment fund that finances social sector schemes.
In 2004, NTPC had raised about Rs 2,700 crore through the initial public offering (IPO) when the government diluted 5.24 per cent of its stake.